ETF日报：仍值得关注美元指数走弱背景下A股成长板块、港股及黄金的配置机会

Market Overview - A-shares experienced a collective surge, with the Shenzhen Component Index and the ChiNext Index reaching new highs in the current market cycle. The Shanghai Composite Index rose by 1.65% to 3875.31 points, the Shenzhen Component Index increased by 3.36% to 12979.89 points, and the ChiNext Index climbed by 5.15% to 3053.75 points. The total trading volume in the Shanghai and Shenzhen markets reached 24.377 trillion, a significant increase of 459.6 billion compared to the previous day [1][3]. AI and Cloud Computing Sector - The AI hardware sector remains the core focus of the current market rally, with significant interest in AI computing hardware and communication sectors. The Communication ETF (515880) hit a limit-up with a premium rate of 0.60%, while the ChiNext AI ETF (159388) rose by 8.71% [3][4]. - Oracle's stock surged by over 40%, marking its largest intraday gain since 1992, following news of a $300 billion power procurement contract with OpenAI, which is set to begin in 2027. This contract is expected to significantly exceed OpenAI's current revenue and is one of the largest cloud contracts in history [5]. - Oracle's cloud computing revenue grew by 28% year-on-year to $7.186 billion, accounting for 48% of total revenue, with remaining performance obligations (RPO) reaching $455 billion, a year-on-year increase of over four times [5]. Server and Chip Market Dynamics - The AI server market is expected to maintain its growth momentum, with major cloud service providers (CSPs) like Google, Meta, Amazon, and Microsoft projected to increase capital expenditures to $90 billion in Q2 2025, a 70% year-on-year increase [6]. - Domestic server leaders are anticipated to benefit significantly from this trend, with substantial growth in AI server business expected, showing over 60% year-on-year growth [6]. - The introduction of NVIDIA's new GPU, Rubin CPX, is expected to enhance AI application efficiency and reduce inference costs, further driving demand in the optical communication and liquid cooling sectors [7]. Investment Opportunities - Investors are encouraged to focus on the A-share AI hardware sector, particularly the Communication ETF (515880) and the ChiNext AI ETF (159388), which have significant exposure to optical modules and servers [9]. - The semiconductor sector has shown strong performance, with notable gains in various chip ETFs, indicating a potential recovery from previous downturns [14].